Title
Discussion of issues relating to the Quarterly Financial Report for the Fiscal Year 2020-2021 second quarter ended March 31, 2021.
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Summary:
Review and discussion of the City's quarterly financial report for the Fiscal Year 2020-2021 second quarter ended March 31, 2021. A few highlights are as follows:
The City's quarterly financial report for the Fiscal Year 2020-2021 second quarter ended March 31, 2021 reports the preliminary and unaudited results for the first six months of the fiscal year (October 2020 - March 2021). In summary, the fiscal year-to-date revenues of the Governmental Funds - the General, Debt Service, Golf Course Lease, Special Revenue, and Capital Improvement Bond Funds - are approximately $48.9 million. The annual budget for these revenues, as amended, is $56.4 million. Revenues primarily represent ad valorem (property) taxes. These tax collections for residential and commercial properties, including delinquent taxes and associated penalties and interest, are $21.5 million through March 2021. The industrial in-lieu of taxes revenues of $12.6 million through March 2021 represent 102.6 percent of the amount budgeted for these revenues. The City's sales tax revenues of $2.2 million through the second quarter are 11.7 percent lower than the prior year's second quarter to-date. While the unfavorable comparison to the prior year reflects the ongoing impact of Covid-19, these revenues are also being impacted by changes resulting from federal legislation effective in July 2020 prohibiting state and local sales tax on internet service. Total expenditures of the Governmental Funds are approximately $33.7 million for the second quarter to-date, similar to the results for the prior year.
Total Utility Fund revenues, including the Water/Sewer Fund and the Storm Water Fund, total approximately $5.2 million through March 2021, which is 5.2 percent below the prior year's second quarter to-date results as a result of the lower storm wate...
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